Singapore's start-up scene received a boost on Thursday, after the government said it will provide funds to four large local enterprises to match their investments in fledgling local companies.
Vivian Balakrishnan , Singapore's minister of Foreign Affairs announced the National Research Foundation (NRF), a department within the Prime Minister's Office, will commit 40 million Singapore dollars ($29.28 million) in total to match the investments made by each of the four companies: Property giant CapitaLand, agribusiness group Wilmar International, tech company DeClout and logistics player YCH Group.
The funds form the third installment of the NRF's Early Stage Venture Fund (ESVFIII), announced in September 2015.
The ESVF program was first launched in 2008, with the aim to translate public research into viable products, services and businesses. The NRF invests on a 1-to-1 match basis, of up to S$10 million per fund, to venture capital funds that invest only in early-stage local high-tech start-ups.